Charity number.. 1172998
HOUSE OF PRAISE TRUST CIO
TRUSTEES. REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025

HOUSE OF PRAISE TRUST CIO
CONTENTS
Page
Reference and administrative details of the Charityi its Trustees and advisers
Trustees. report
Independent auditors. report on the financial statgments
Consolldated statement of flnanclal actlvltles
8-11
12
Consolidated balance sheet
13
Charity balance sheet
Consolidated statement of cash flows
14
15
Notes to tho financial statemants
16-39

HOUSE OF PRAISE TRUST CIO
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS
FOR THE YEAR ENDED 31 DECEMBER 2025
Trust8es
Olakunle Falodun. Chair
Solomon Adegoke
David Makoyawo
Babalunde Sofowora
Olukayode Olawode
Odunilan Oluranti Orioke
Folake Kehinde Ogunmekan
Olayemi Mojibola Adeleke. Chief Executive
Charity registered
number
1172998
Principal office
254-270 Camberwell Road
Corner of Medlar Street
London
SE5 ODP
Chief executive officer
Pastor Olayemi Adeleke
Independent auditors
Stephen Michael Associates
Chartered Certified Accounlanls
Stalulory Auditors
201 Borough High Street
London
SE1 1JA
Bankers
Barclays Bank plc
POBox279
41 Woolwich New Road
London
SE18 6NU
Page 1

HOUSE OF PRAISE TRUST CIO
TRUSTEES. REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The Trustees present their annual report together with the audited financial statements of House of Praise Trust
CIO Ithe'parenl charilll and its subsidiaries Ithe 'group') for the year 1 January 2025 to 31 December 2025.
The Trustees confirm that the report and financial statements of the Charity have been prepared in accordance
with the accounting policies set out in note 1 to the accounts and comply with the Charity's Constitution, the
Charities Act 2011 and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable
lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK
and Republic of Ireland IFRS1021 leffective 1 January 20191-
Reference and administrative information set out on page 1 forms part of this report. The financial statements
comply wth current statutory requirements, the charitys trust deed and the Statement of Recommended
Practice- Accounting and Reporting by Charities.. SORP applicable to charities preparing their accounts in
accordance wth FRS 102.
Objg¢tlVgs and activitios
a. Policies and objectivgs
The objects of the Charity are..
The advancement of the Christian faith worldwide,. and
The relief of poverty.
PUBLIC BENEFIT STATEMENT
In setting objectives and planning for aclivilies, the Board of Trustees has mel its duties in complying with the
provisions of sections 4 and 17 of the Charities Act 2011, having due regard to the Charity Commission's
general guidance on public benefit. Consideration has been given lo the Charity Commission's public advice on
advancing religion for the public benefit.
b. Strategies for achieving objectives
The church has adopted the following strategies for achieving the above objectives..
organisalion of seminars in the church with proven speakers and ministers of the faith to guide
members in the various aspects of the christian faith-
planting of churches in the UK and other parts of Europe., and
support for other charities and Christian events.
c. Actlvltles undertaken to achleve oblectlves
Leadership Training
Various missionary activities
Community Outreach Events
Provision of welfare support to members
Conferences & Events
Media Activities.
d. Volunteers
The charity is grateful for the unstinting efforts of its volunteers who are involved in service provision. It is
estimated that over 12.000 volunteer hours were provided during the year. If this is conservatively valued at
£12.21 an hour the volunteer effort amounts lo over £146.520. The charity has a volunteer c(x)rdinator to
ensure that best value is derived from the sterling efforts of our volunteers.
Page 2

HOUSE OF PRAISE TRUST CIO
TRUSTEES. REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 DECEMBER 2025
Objectives and activities Icontinuedl
e. Main activities undertaken to further the Charity's purposes for the public benefit
House of Praise is a church that strives to fulfil the great commission as instructed by Jesus Christ to go into the
wodd with his good news and reach out and touch lives of those in need of help. The church is open to the
public for all services and all the events we organize are open lo the public. All our events are free and flyers are
printed and handed out to the members of the public to create awareness.
Strategic report
Achievgments and perfomiance
a. Kgy Pgrformancg indicators
Our key perfomiance indicators are summarised in the table below..
Outcome
Target
Outcome
Target
2025
2024
Average number of congregation
2,160
2,300
1,800
2,000
Average number of volunteers
305
320
250
300
Community awareness of food bank
950 visited
800 visited
Page 3

HOUSE OF PRAISE TRUST CIO
TRUSTEES. REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 DECEMBER 2025
Strategic report {¢ontinuedl
Achievements and perfonnance (continued)
b. Review of activities
Amongst all the various activities the church is involved in, the outreachlcommunity department of the church
frequently visit care homes, hospices and hospitals to give gifts, donations, and spend time with people that
need companionship as well as attending lo the needy in the community.
Below is a brief summary outlining a selection of the different activities the church members and leaders have
actively participated in..
Foodbank= Gimng out food parcels to families and individuals struggling in our community as well
as school uniforms lo children weekly.
Family Fun Day.. This year was an indoor event, inviting members of the community and raising
awareness in the committee of our various aclivilies, creating an environment where people feel
safe and included.
Our Annual Winter, Worship & Warfare conferen￿ is a 12-day prayer program held every
November. 11 is a lime dedicated to prayer, worship, and spiritual preparation as we look ahead to
the coming year. The program also provides an opportunity for us to reach out to more people and
engage with our wider community- It is a well-altended event, attracting participants from our local
community as well as visitors from olher countries. Through prayer, worship, fellowship, and
community outreach, we seek to strenglhen faith, build meaningful connections, and prepare
spiritually for the year ahead.
Soup Kitchen.. We open our doors to the community lo have 'Breakfasl & Lunch on Christ" We
serve full English breakfast as well as full Christmas roast. We have games, karaoke, Christmas
Carol, Health Checks, Raw food giving lo struggling families, and presents for children. This is well
allended by the community & homes in our community.
Christmas Lights.. In the lead up lo the Christmas festive season we had a big display of Christmas
lights, which brightened up the surrounding and was very well received by the local community, as
well as those also passing through Camberwell.
Making a difference.. The charity gave Xmas hampers lo the less privileged in Soulhwark
Community.
Donation lo Children in Africa.
Leadership Training.. We had a live21ead leadership event for our leaders where they are able lo
learn from renowned leadership experts from various fields. gain a new perspective on relevant
topics. and gel practical tools lo tske work upon.
c. Investment policy and performance
The Iruslees have decided that al present. funds should be retained in Banks and Building Societies. Any
change in such banking arrangements should be agreed by the trustees. As far as possible, funds will be
retained in interest bearing accounts.
Financial review
Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate
resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt
the going concern basis in preparing the financial statements. Further details regarding the adoption of the
going concern basis can be found in the accounting policies.
Page 4

HOUSE OF PRAISE TRUST CIO
TRUSTEES. REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 DECEMBER 2025
b. Reserves policy
The Iruslees have established a policy whereby the unrestricted funds not committed or invested in tangible
fixed assets I'lhe free reserves'l held by the church should be 3 months of annual expenditure. Al this level, the
trustees feel that they would be able lo continue the current activities of the church in the event of a significant
drop in funding.
The charitys free reserve is £1,817,50712024 £NILI and the trustees recognise that the current level of free
reserve does not reach the above target and are considering ways in which additional unrestricted funds will be
raised.
Financial risk managemant objgctives and policies
The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the
operations and finances of the Charity, and are satisfied that systems are in place lo mitigate our exposure to
the major risks.
d. Principal funding
This is provided mainly through voluntary tithes and offerings by the church members and through gift aid
scheme. Pledges are also taken for specific projects.
Structure, governance and management
Constitution
House of Praise Trust CIO is a registered charity, number 1172998, and is consliluted under a Conslilulion.
b. Methods of appointment or election of Trustees
The management of the Group and the Charity is the responsibility of the Trustees who are elected and co-
opted under the terms of the Conslilulion.
c. Organlsatlonal structure and de¢lslon-maklng pollcles
The church is organised so that the trustees meet regularly lo manage ils affairs. An Executive Pastor
manages the day to day administration of the church.
d. Policies adopted for the induction and training of Tmstees
The induction process for any newly appointed member of the Trustees comprises an initial meeting with the
Chair and other Trustees, followed by 8 series of short meetings wth the Minister in Charge on the powers and
responsibilities of the Trustees.
Page 5

HOUSE OF PRAISE TRUST CIO
TRUSTEES. REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 DECEMBER 2025
Structure, governance and management (continued)
e. Pay policy for key management personnel
The Iruslees consider that trustees and the two senior pastors comprise the key management personnel of the
charity in charge of directing and controlling, running and operating the Trust on a day to day basis. All trustees
give of their time freely in their capacity as trustees. No trustee received remuneration in the year. Details of
trustees, expenses and related paty transactions are disclosed in note 11 and 26 to the accounts.
The pay of the charity's senior staff is reviewed annually and normally increased lo account for inflation based
on the latest Consumer Price Index. The remuneration is also bench marked with charities of a similar size and
activity lo ensure that the remuneration sel is fair and not out of line with that generally paid for similar roles.
f. Conng¢tgd charitigs
House of Praise Trust CIO is a member of the Redeemed Christian Church of God (RCCGI which has parishes
all over the wortd. The relationship is governed by an 'Agreemenl for Common Purposes. between the parishes
and RCCG.
Plans for future periods
The church continues lo explore various ways of spreading the gospel of Christ in an effective manner. The
Charity is also looking to grow in membership and continue lo develop its members lo make life changing
impact in society.
The charity also plan lo invest in the following..
Expansion of Camberwell Building12nd Phase of Camberwell building which will cost about
£4 million pounds). This is still ongoing.
Page 6

HOUSE OF PRAISE TRUST CIO
TRUSTEES. REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 DECEMBER 2025
Statement of Trustees. responsibilities
The Trustees are responsible for preparing the Trustees, report and the financial statements in accordance with
applicable law and United Kingdom Accounting Stsndards (United Kingdom Generally Accepted Accounting
Practice}-
The law applicable to charities in England & Wales reqLJires the Trustees lo prepare financial statements for
each financial year which give a true and fair view of the slate of affairs of the Group and the Charity and of their
incoming resources and application of resources, including their income and expenditure, for that period. In
preparing these financial slatemenls, the Trustees are required to..
select svitsble accounting policies and then apply them consislenlly.,
observe the methods and principles of the Charities SORP IFRS 1021.,
make judgments and accounting estimates that are reasonable and prudent-
slate whether applicable UK Accounting Standards (FRS 1021 have been followed, subject to any
material departures disclosed and explained in the financial statements.,
prepare the financial statements on the going concern basis unless it is inapproprTate to presume that the
Group will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain
the Group and the Charity's transactions and disclose with reasonable accuracy at any lime the financial
position of the Group and the Charity and enable them to ensure that the financial slalements comply with the
Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Constilulion.
They are also responsible for safeguarding the assets of the Group and the Charity and hence for taking
reasonable steps for the prevention and detection of fraud and other i￿egUlar1ties.
Disclosure of information to auditors
Each of the persons who are Trustees at the lime when this Trustees, report is approved has confirmed that:
so far as that Trustee is aware, there is no relevant audit information of which the charitable group's
auditors are unaware, and
that Trustee has taken all the steps that ought to have been taken as a Trustee in order lo be aware of
any relevant audit information and to establish that the charitsble group's auditors are aware of that
infomiation.
Auditors
The auditors, Stephen Michael Associates, have indicated their willingness to continue in office. The designated
Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.
Approved by order of the members of the board of Trustees and signed on their behalf by..
Olakunle Falodun
Date.. 23 August 2026
Page 7

HOUSE OF PRAISE TRUST CIO
INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF HOUSE OF PRAISE TRUST CIO
Opinion
We have audited the financial statements of House of Praise Trust CIO (the 'parent charitll and its subsidiaries
Ilhe 'group'l for the year ended 31 December 2025 which comprise the Consolidated statement of financial
activities, the Consolidated balance sheet, the Charity balance sheet, the Consolidated statement of cash flows
and the relaled notes, including a summary of significant accounting policies. The financial reporting framework
that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including
Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of
Ireland, (United Kingdom Generally Accepted Accounting Practi￿1.
The financial statements have been prepared in accordance with Accounting and Reporting by Charities
preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and
Republic of Ireland IFRS 1021 in preference lo the Accounting and Reporting by Charities.. Ststemenl of
Recommended Practice issued on 1 April 2005 which is referred to in the exlanl regulations bul has been
withdrawn.
This has been done in order for the Sccounls lo provide a true and fair view in accordance with the Generally
Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
In our opinion the financial statements-.
give a true and fair view of the stale of the Group's and of the parent charitys affairs as at 31 December
2025 and of the Group's incoming resources and application of resources, including its income and
expenditure for the year then ended.,
have been propedy prepared in accordance with United Kingdom Generally Accepted Accounting
Practice., and
have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing IUKI IISAS (UKII and applicable
law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit
of the financial statements section of our report. We are independent of the Group in accordance with the
ethical requirements that are relevant lo our audit of the financial statements in the United Kingdom, including
the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in
accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have conclLJded that the Trustees, use of the going concern basis of
accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or
onditions that, individually or collectively, may cast significant doubt on the Group's or the parent charity's ability
lo continue as a going con￿rn for a period of at least twelve months from when the financial statements are
authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the
relevant sections of this report.
Page 8

HOUSE OF PRAISE TRUST CIO
INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF HOUSE OF PRAISE TRUST CIO
ICONTINUEDI
other infomiation
The other information comprises the information included in the Annual report other than the financial
statements and our Auditors, report thereon. The Trustees are responsible for the other information contained
within the Annual report. Our opinion on the financial statements does not cover the other information and,
except lo the exlenl olhetwise explicitly slated in our report, we do not express any fomi of assurance
conclusion Ihereon. Our responsibility is to read the other information and, in doing so, Consider whether the
other information is materially inconsistent with the financial statements or our knowledge obtained in the course
of the audit, or olhetwise appears lo be materially misstated. If we identify such material inconsistencies or
apparent material misslatemenls, we are required lo determine whether this gives rise to a material
misslatemenl in the financial statements themselves. If, based on the work we have performed, we conclude
that there is a material misststemenl of this other information, we are required to report that fact.
We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing lo report in respect of the following matters where the Charities {Accounts and Reports)
Regulations 2008 requires us lo report lo you if, in our opinion..
the information given in the Trustees, report is inconsistent in any material respect with the financial
statements., or
the parent Charity has not kept sufficient accounting records., or
the parent Charity financial slalements are not in agreement wlh the accounting records and returns., or
we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fulty in the Trustees, responsibilities statement, the Trustees are responsible for the
preparation of the financial statements which give a true and fair view, and for such internal control as the
Trustees determine is necessary lo enable the preparation of financial statements that are free from material
misstatement. whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the Group's and the parent
charity's ability to continue as a going concern, disclosing, as applicable, matters related lo going concern and
using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the
parent charity or to cease operations. or have no realistic alternative but lo do so.
Page 9

HOUSE OF PRAISE TRUST CIO
INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF HOUSE OF PRAISE TRUST CIO
ICONTINUEDI
Auditors. responsibilities for the audit of the financial statements
We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with
the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial slalemenls as a whole are free
from material misstalemenl, whether due to fraud or error, and lo issue an Auditors, report that includes our
opinion. Reasonable assurance is a high level of assuran￿, bul is not a guarantee that an audit conducted in
accordance with ISAS {UKI will always delecl a material misststemenl when il exists. Misstatements can arise
from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be
expected lo influence the economic decisions of users tsken on the basis of these financial stalemenls.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design
procedures in line with our responsibilities, outlined above, to detect material misslatemenls in respect of
irregularities, including fraud. The exlenl lo which our procedures are capable of delecling irregularities,
including fraud is detailed below..
We identified areas of laws and regulations that could reasonably be expected to have a material
effect on the financial statements from our sector experience through discussion wlh the Trustees
and other management las required by auditing stsndardsl.
We had regard to laws and regulations in areas that directly affect the financial statements
including financial reporting and taxation legislation.
We considered the extent of compliance with those laws and regulations as part of our procedure
on the related financial statement items.
With the exception of any known or possible non-compliance. and as required by auditing
standards. our work in respect of these was limited to enquiry of the Trustees.
We communicated identified laws and regulations throughout our team and remained alert to any
indications of non-compliance throughout the audit.
We reviewed minutes of trustees, meetings, and other records with view to ensuring that there are
no undisclosed related party transactions. In addition, we explained the meaning of related party
transaction to management and these charged with governance.
We obtained a legal letter from the charitys solicitors and enquire of those charged with
governance and management around actual and potential liligalion and claims.
We reviewed a sample of collectionlcount sheets to ensure they are signed by at least Iwo people.
We addressed the risk of fraud through management override of controls, by testing the
appropriateness ofjournal entries and other adjustments., assessing whether the judgements
made in making accounting estimates are indicative of a potential bias., and evaluating the
business rationale of any significant transactions that are unusual or outside the normal course of
operation.
A further description of our responsibilities for the audit of the financial slalements is located on the Financial
Reporting Council's website al- www.frc.or
.uklaudilorsres
onsibililies. This description fomis part of our
Auditors. report.
Page 10

HOUSE OF PRAISE TRUST CIO
INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF HOUSE OF PRAISE TRUST CIO
ICONTINUEDI
Use of our report
This report is made solely lo the charills trustees, as a body, in accordance with Part 4 of the Charities
(Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might slate lo the
charity's Iruslees those mallers we are required lo stste to them in an Auditors. report and for no other purpose.
To Ihe fullest exlenl permitted by law, we do not accept or assume responsibility to anyone other than the
charity and ils trustees, as a body, for our audit work. for this report, or for the opinions we have formed.
Stephen Mlchael Assoclates
Chartered Certified Accounlanls
Statutory Auditors
201 Borough High Street
London
SE1 1JA
25 August 2026
Stephen Michael Associates are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.
Page 11

HOUSE OF PRAISE TRUST CIO
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2025
Unrestricted
funds
2025
Restricted
funds
2025
Total
funds
2025
Total
fvnds
2024
Note
Income frorn-
Donations and legacies
Charitable activities
Other trading activities
Investments
Other income
1.149,769
1.044
217.851
266,875
20.843
1,170.612
1.044
217.851
266,875
3.256
1, 132,429
1,325
257,577
337,355
1,819
3.256
Total income
1.635,539
24.099
1,659.638
1, 730,505
Expenditure on:
Raising funds
Charitable activities
196,870
1.319.070
196.870
1,339.932
121,807
1, 723,517
20.862
Total oxpgnditure
1,515,940
20,862
1,536,802
1,845,324
Net movement in funds before other
ognised gainslllosses)
119.599
3.237
122.836
(f14,819)
Other recognlsed galnslllossesl:
Other gains
2.089,051
2,089.051
Net movement in funds
2.208.650
3.237
2,211.887
(174,819)
Reconciliation of funds:
Total funds brought forward
Net movement in funds
6.179.921
2,208,650
66.474
3,237
6,246.395
2,211.887
6,361,214
(114,819)
Total funds carried for•vard
8.388.571
69.711
8,458.282
6,246,395
The Consolidated statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 16 10 39 form part of these financial statements.
Page 12

HOUSE OF PRAISE TRUST CIO
CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2025
As restated
2024
2025
Note
Flxed assets
Tangible assets
Investments
13
14
6.640,772
7,058,457
6.640,775
7,058,460
Current assets
Debtors
Cash al bank and in hand
15
2.531.272
280.954
726,283
500,626
2,812,226
1,226,909
Current liabilities
Creditors.. amounts falling due within one
year
16
(994,719)
(958,943)
Net CU￿9nt assets
1.817.507
267,966
Total assets less current Ilabllltles
8.458.282
7.326,426
Creditors.. amounts falling due after more
than one year
17
(1,080,Q31)
Net assets excluding pension asset
8.458,282
6,246,395
Total net assets
8.458,282
6,246,395
Charity funds
Reslricled funds
Unrestricted funds
20
20
69.711
8,388,571
66,474
6, 179,921
Total funds
8.458,282
6,246,395
The financial statements were approved and aulhorised for issue by the Trustees and signed on their behalf by..
Olakunle Falodun
Chair
Date= 23 August 2026
The notes on pages 16 10 39 form part of these financial statements.
Page 13

HOUSE OF PRAISE TRUST CIO
CHARITY BALANCE SHEET
AS AT 31 DECEMBER 2025
2025
2024
Note
Flxed assets
Tangible assets
Investments
13
14
6.629,303
7,058,457
6.629,306
7,058,460
Current assets
Debtors
Cash al bank and in hand
15
2.126.640
279.692
377,761
485,040
2,406,332
862,801
Current liabilities
Creditors.. amounts falling due within one
year
16
(914,223)
(915, 752)
Net CU￿9nt assets I liabilites
1.492,109
(52,951)
Total assets less current Ilabllltles
8.121.415
7.005,509
Creditors.. amounts falling due after more
than one year
17
(I,OT5,000)
Net assets excluding pension asset
8.121,415
5,930,509
Total net assets
8.121.415
5,930,509
Charity funds
Reslricled funds
Unrestricted funds
20
20
69.711
8,051,704
66,474
5,864,035
Total funds
8.121,415
5,930,509
The financial statements were approved and aulhorised for issue by the Trustees and signed on their behalf by..
Olakunle Falodun
Date= 23 August 2026
The notes on pages 16 10 39 form part of these financial statements.
Page 14

HOUSE OF PRAISE TRUST CIO
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
2025
2024
Cash flows from operating activitles
Net cash used in operating activities
(1.741,3031 (483, 130)
Cash flows from investing activities
Dividends, interests and rents from investments
Proceeds from the sale of tangible fixed assets
Purchase of tangible fixed assets
266.875
3.100,000
1749,8721 (513,967)
337,355
Not Cash provided byl{usgd in} invosting activitigs
2,617,003
1176,6121
Cash flows from flnanclng actlvltles
Cash inflows from new borrowing
Repayments of borrowing
1,075,000
(9,969)
{1.094.9881
Net cash (used inllprovided by financing activities
{1.094,9881
1.065,031
Change in cash and cash gquivalents in thg ygar
Cash and cash equivalents al the beginning of the year
1219,2881
490.595
405,289
85,306
Cash and cash equivalents at the end ofthe year
271,307
490,595
The notes on pages 16 10 39 form part of these financial statements
Page 15

HOUSE OF PRAISE TRUST CIO
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
General infomiation
House of Praise Trust is a charitable incorFx)rated oryanisation registered with the Charity Commission in
England & Wales. The office address is 254 - 270 Camberwell Road, Corner of Medlar Street, London
SE5 ODP.
Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP IFRS 1021
Accounting and Reporting by Charities.. Ststemenl of Recommended Practice applicable to charities
preparing their accounts in accordan￿ with the Financial Reporting Standard applicable in the UK
and Republic of Ireland (FRS 1021 {effe¢tive 1 January 20191, the Financial Rep)rting Standard
applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair, view and have departed from
the Charities (Accounts and Reports) Regulations 2008 only lo the exlenl required lo provide a 'lrue
and fair. view. This departure has involved following the Charities SORP IFRS 1021 published in
October 2019 rather than the Accounting and Reporting by Charities= Statement of Recommended
Practice effective from 1 April 2005 which has since been withdrawn.
House of Praise Trust CIO meets the definition of a public benefit entity under FRS 102. Assets and
liabilities are initially recognised al historical cost or transaction value unless otherwise slated in the
relevant accounting policy.
The Consolidated slalement of financial activities ISOFAI and Consolidated balance sheet
consolidate the financial ststemenls of the Charity and ils subsidiary undertaking. The results of the
subsidiary are consolidated on a line by line basis.
2.2 Golng concern
The consolidated financial statements have been prepared on a going concern basis as the trustees
believe that no material uncertainties exist. The trustees have considered the cashflow forecast and
the projected income and expenditure for 12 months from aulhorising these financial slatemenls.
The level of free reserves and funds held is sufficient for the charity to be able to continue as a going
concem.
2.3 Income
All income is recognised once the Charity has enlillemenl to the income, il is probable that the
income Wbll be received and the amount of income receivable can be measured reliably.
Income lax recoverable in relation to investment income is recognised at the lime the investment
income is receivable.
Other income is recognised in the period in which it is receivable and to the exlenl the goods have
been provided or on completion of the service.
Page 16

HOUSE OF PRAISE TRUST CIO
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Accounting policies {continued)
2.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic
benefit to a third party, il is probable that a transfer of economic benefits will be required in
selllemenl and the amount of the obligation can be measured reliably. Expenditure is classified by
aclivily. The costs of each activity are made up of the total of direct costs and shared costs,
including support costs involved in undertaking each activity. Direct costs attributable lo a single
activity are allocated directly lo that activity. Shared costs which contribute lo more than one activity
and support costs which are not allributable to a single activity are apportioned between those
activities on a basis consistent wlh the use of resources. Central staff costs are allocated on the
basis of time spent. and depreciation charges allocated on the portion of the asset's use.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the
Group's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
2.5 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured
reliably by the Group., this is normally upon nolificalion of the interest paid or payable by the
institution with whom the funds are deposited.
2.6 Tangible fixed assets and depreciation
Tangible fixed assets costing £500 or more are capilalised and recognised when future economic
benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. Afler recognition, under the cost model,
tangible fixed assets are measured at cost less accumulated depreciation and any accumulated
impairment losses. All costs incurred to bring a tangible fixed asset into its intended working
condition should be included in the measurement of cost.
Depreciation is charged so as lo allocate the cost of tangible fixed assets less their residual value
over their eslimaled useful lives,
Depreciation is provided on the following basis..
Freehold propety
Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
2,/0 straight-line method
25,/0 reducing balance basis
12,/0 straight-line method
33,/0 straight-line method
Page 17

HOUSE OF PRAISE TRUST CIO
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Accounting policies {continued)
2.7 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their
transaction cost and subsequently measured at fair value al the Balance sheet dale, unless the
value cannot be measured reliably in which case il is measured at cost less impairment. Investment
gains and losses, whether realised or unrealised, are combined and presented as 'GainsllLossesl
on inveslmenls, in the Consolidated statement of financial aclivilies.
Investments in subsidiaries are valued at cost less provision for impairment.
2.8 Debtors
Trade and other debtors are recognised al the settlement amount after any trade discount offered.
Prepayments are valued at the amount prepaid nel of any trade discounts due.
2.9 Cash at bank and in hand
Cash al bank and in hand includes cash and short-lerm highly liquid investments wlh a short
maturity of three months or less from the date of acquisition or opening of the deposit or similar
account.
2.10 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past
event, it is probable that a transfer of economic benefit will be required in settlement, and the
amount of the selllemenl can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay lo settle the debt or the
amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured al the best estimate of the amounts required to settle the obligation. Where
the effect of the lime value of money is material, the provision is based on the present value of those
amounts, discounted at the pre-tax discount rale that reflects the risks specific to the liability. The
unwinding of the discount is recognised in the Consolidated statement of financial activities as a
finance cost.
2.11 Financial instruments
The Group only has financial assets and financial liabilities of a kind that qualrfy as basic financial
inslrumenls. Basic financial instruments are initially recognised at transaction value and
subsequently measured at their settlement value with the exception of bank loans which are
subsequently measured al amortised cost using the effective interest method.
2.12 Pensions
The Group operates a defined contribution pension scheme and the pension charge represents the
amounts payable by the Group to the fund in respect of the year.
Page 18

HOUSE OF PRAISE TRUST CIO
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Accounting policies {continued)
2.13 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in
furtherance of the general objectives of the Group and which have not been designated for other
purposes.
Restricted funds are funds which are lo be used in accordance with specific restrictions imposed by
donors or which have been raised by the Group for particular purposes. The costs of raising and
administering such funds are charged against the specific fund. The aim and use of each restricted
fund is sel out in the notes to the financial statements.
Investment income. gains and losses are allocated to the appropriate fund.
Page 19

HOUSE OF PRAISE TRUST CIO
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Income from donations and legacies
Unrestricted Restricted
funds
funds
2025
2025
Total
funds
2025
Donations
Church collections
Gift aid income tax recoverable
986,007
163,762
20,843
1,006,850
163,762
Subtotal detailed disclosure
1,149,769
20,843
1,170,612
1,149,769
20,843
1.170,612
Unrestricted
funds
2024
Restricted
funds
2024
Total
funds
2024
Donations
Church collections
1,022. 119
83,475
26,835
1,048,954
83,475
Gift aid income lax recoverable
Subtotal detalled dlsclosure
1, 105,594
26,835
1, 132,429
1, 705,594
26,835
f,f32,429
Income from charitable activities
Unrestricted
funds
2025
Total
funds
2025
Bookshop
1,044
1,044
Page 20

HOUSE OF PRAISE TRUST CIO
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Income from charitable activities (continued)
Unrestricted
funds
2024
Total
funds
2024
Bookshop
1,325
1,325
Income from other trading activities
Income from non charitable trading activities
Unrestrlcted
funds
2025
Total
funds
2025
Rent receivable
217,851
217,851
Unrestricted
funds
2024
Total
funds
2024
Rent receivable
257,577
257,577
Investment income
Unrestricted
funds
2025
Total
funds
2025
Rental income from properties
Bank interest
Other interest
98,255
105
168,515
98,255
105
168,515
266,875
266,875
Page 21

HOUSE OF PRAISE TRUST CIO
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Investment income (continued)
Unrestricted
funds
2024
Total
funds
2024
Rental income from properties
Bank interest
Other interest
332,362
943
332,362
943
4,050
4,050
337,355
337,355
Other incoming resources
Restricted
funds
2025
Total
funds
2025
Annual Workers Event Contributions
3,256
3.256
Restrict&d
funds
2024
Total
funds
2024
Annual Workers Event Contributions
1,819
1,819
Page 22

HOUSE OF PRAISE TRUST CIO
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Analysis of expenditure on charitable activities
Summary by fund type
Unrestricted Restricted
funds
funds
2025
2025
Total
2025
Advancement of Christian Faith
1,319,070
20,862
1.339,932
Unrestricted
funds
2024
Restricted
funds
2024
Total
2024
Advancement of Christian Faith
1,693,582
29,935
1,723,517
Analysls of expendlture by actlvltles
Aetivities
undertaken
directly
2025
Support
costs
2025
Total
funds
2025
Advancement of Christian Faith
739,314
600,618
1,339,932
Activities
undertaken
directly
2024
Support
costs
Total
funds
2024
2024
Advancement of Christian Faith
661,533
1,061,984
1, 723,517
Page 23

HOUSE OF PRAISE TRUST CIO
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Analysis of expenditure by activities Icontinuedl
Analysis of direct costs
Advanceme
ntof
Christian
Faith
2025
Total
funds
2025
Staff costs
Depreciation
Ministry expenses
Evangelism and special events
Music expenses
Media expenses
Missionary and charitsble giving - UK
Missionary and charitable giving - Europe
199,282
160,639
79,020
139,397
29,927
28,561
16,688
85,800
199.282
160,639
79.020
139.397
29.927
28.561
16.688
85.800
739,314
739.314
Advancemen
t of Christian
Faith
2024
Total
funds
2024
Staff costs
Depreciation
Ministry expenses
Evangelism and special events
Music expenses
Media expenses
Missionary and charitable giving - UK
200, 183
174,302
50,289
133,580
67, 144
19,283
16,752
200, 183
174,302
50,289
f33,580
67,144
19,283
16,752
661,533
661,533
Page 24

HOUSE OF PRAISE TRUST CIO
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Analysis of expenditure by activities Icontinuedl
Analysis of support costs
Advanceme
ntof
Christian
Faith
2025
Total
funds
2025
Staff costs
Depreciation
Bookshop
Premises costs
Communication costs
140,700
3,070
405
140.700
3,070
405
234,499
28,275
56,892
1,545
63,032
8,987
14,712
244
234.499
28.275
56.892
1.545
63.032
8,987
14.712
244
Finance costs
Office and administration costs
Professional and consultancy fees
Travel and aecomodalion
Motor vehicle expenses
Exchange {gainllloss
Gifts and donations
Welfare support
Hospitality
Training and development
Dues and subscriptions
Computer and internet expenses
Sundry church expenses
Governance costs
1,358
1,100
10,482
6,841
4,775
10,681
779
12,241
1.358
1.100
10.482
6.841
4,775
10.681
779
12.241
600,618
600.618
Page 25

HOUSE OF PRAISE TRUST CIO
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Analysis of expenditure by activities Icontinuedl
Analysis of support costs {continued)
Advancemen
t of Christian
Faith
2024
Total
funds
2024
Staff costs
Depreciation
Bookshop
Premises costs
Communication costs
Finance costs
offi￿ and administration costs
Professional and consultancy fees
Travel and accomodalion
198, 707
3,291
8, 704
235,618
38,809
95,617
825
138, 127
3,891
11,103
240,000
1,040
141
198, 707
3,297
8, 704
235,618
38,809
95,617
825
138, 127
3,897
11,703
240,000
1,040
741
Motor vehicle expenses
Bad debt
IGain}Iloss on dispos81 of assets
Exchange (gainllloss
Gifts and donations
8,595
6,304
If,692
12,602
8,937
18,837
8,595
6,304
11,692
12,602
8,937
18,837
Welfare support
Hospitality
Training and development
Dues and subscriptions
Computer and internet expenses
Sundry church expenses
Governance costs
li
4,348
14,784
4,348
14, 784
1,06f,984
1,061,984
Page 26

HOUSE OF PRAISE TRUST CIO
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
10.
Auditors. remuneration
2025
2024
Fees payable to the Charity's auditor for the audit of the Charivs annual
accounts
,370
8,370
Fees payable to the Charity's auditor in respect of=
All non-audit services not included above
3,871
6,414
11.
Staff costs
Group
2025
Group
2024
Charity
2025
Charity
2024
Wages and salaries
Social security costs
Contribution lo defined contribution pension
schemes
305,449
29.109
358,926
33, 777
305,449
29.109
358,926
33, 777
5.424
6, 187
5,424
6,187
339.982
398,890
339,982
398,890
The average number of persons employed by the Charity during the year was as follows..
Group
2025
Group
2024
Charity
2025
Charity
2024
Pastors
Church administration
The number of employees whose employee benefits {excluding employer pension costs) exceeded
£60,000 was..
Group
2025
No.
Group
2024
No.
In the band £80,001- £90,000
Page 27

HOUSE OF PRAISE TRUST CIO
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
12.
Trustees. remuneration and expenses
During the year, one or more Trustees has been paid remuneration or has received other benefits from
an employment with the Charity for her post as church minister which is authorised in the trust deed. The
value of Trustees, remuneration and other benefits was as follows..
2025
2024
Olayemi Adeleke
Remuneration
85,000
1,321
85,000
1,327
Pension contributions paid
During the year ended 31 De￿rnber 2025, no Trustee expenses have been incurred (2024 - £NIL).
Page 28

HOUSE OF PRAISE TRUST CIO
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
13. Tangible fixed assets
Group and Charity
Freehold
property
Plant and
machinery
Motor Fixtures and
vehicles
fittings
Total
Cost or valuation
At 1 January 2025 las
previously slated)
Prior Year Adjustment
8,540,712
129,918
74,313
1,651,343 10,266,368
129.918
At 1 January 2025 las
restatedl
Additions
Disposals
8,670,630
669,172
11.214.656)
74,313
1,651,343 10,396,286
66,364
749,872
{1.214.6561
14,336
At 31 December 2025
8.125.146
14.336
74.313
1,717,707
9.931,502
Depreciation
At l January 2025
Charge for the year
On disposals
1,716,293
115,709
1213.6751
38,409
8.976
1,583,127
39,024
3,337,829
166,576
1213,6751
2.867
At 31 December 2025
1,618,327
2,867
47,385
1,622,151
3,290,730
Not book value
At 31 December 2025
6.506,819
11.469
26.928
95,556
6.640,772
At 31 December 2024 (as
restated)
6,954,337
35,904
68,216
7,058,457
Page 29

HOUSE OF PRAISE TRUST CIO
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
14.
Fixed asset investments
Investments
in
subsidiary
companies
Group
Cost or valuation
At 1 January 2025
At 31 December 2025
Net book value
At 31 D￿mber 2025
At 31 December 2024
Investments
subsidiary
companies
Charity
Cost or valuatlon
At 1 January 2025
At 31 December 2025
Net book value
At 31 December 2025
At 31 December 2024
Page 30

HOUSE OF PRAISE TRUST CIO
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
14. Fixed asset investments {continued}
Principal subsidiaries
The following was a subsidiary undertaking of the Charity..
Name
Company
number
Registered office or principal Principal activity
place of business
Lighthouse Operations Ltd
11124403
254- 270 Camberwell Road,
caMbe￿ell Road, London SE5
ODP
Hire of events space
Class of
shares
Holdlng
Ordinary
The financial results of the subsidiary for the year were..
Name
Income
Expenditure
ProfitllLossl
I Surplusl
{Deficit} for
the year
Lighthouse Operations Ltd
217,851
196,870
20,981
Net assets
336,867
Page 31

HOUSE OF PRAISE TRUST CIO
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
15. Debtors
Group
2025
Group
2024
Charity
2025
Charify
2024
Duo Within one year
Trade debtors
Amounts owed by group undertakings
Other debtors
55.152
349.454
2.028,420
9,686
88.560
67,960
280, 754
222,471
6,475
148.623
77
420
2.028,317
9,686
88.560
222,243
6,475
148,623
Prepayments and accrued income
Tax recoverable
2,531,272
726,283
2,126,640
377, 761
16. Creditors: Amounts falling due within one year
Group
2025
Group
2024
Charlty
2025
Charity
2024
Bank overdrafts
Bank loans
9,647
5.010
500.000
19,507
349,454
8.751
5,102
2,150
95.098
10,037
fo,000
500,000
50,225
280, 754
10,118
3,176
1,983
92,656
9,647
10,031
Other loans
500,000
16,987
349,454
8,751
5,102
so0,(￿0
50,225
280, 754
10,118
3,176
1,983
59,465
Trade creditors
Amounts owed to group undertakings
Other tsxalion and social security
Pension fund loan payable
Other creditors
Accruals and deferred income
24.282
994.719
958,943
914,223
915,752
17.
Creditors: Amounts falling due after more than one year
Group
2025
Group
2024
Charlty
2025
Charity
2024
Bank loans
1,080,031
I,OT5,000
The bank loan is from Tab ACM Limited, secured on the charity's property- Land buildings situated al
Mecca Bingo, Quarry Hill, Grays, RM17 5BT. The loan wll mature on 03 May 2026.
Page 32

HOUSE OF PRAISE TRUST CIO
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
18.
Financial instruments
Group
2025
Group
2024
Charity
2025
Charify
2024
Financial assets
Financial assets measured al fair value
through income and expenditure
280,954
500,626
279,692
485,040
Finsncial assets measured at fair value through income and expenditure comprise bank and cash
balances.
19.
Prior year adjustments
The accounts of the parent have been restated to incorporate the impact of a misclassificalion of
professional fees expenditure for the construction of Camberwell project as revenue expenditure. The
change has resulted in increasing the fund balance al 31 December 2024 by £129,918
Page 33

HOUSE OF PRAISE TRUST CIO
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
20. Statement of funds
statement of funds - current year
Balance at
31
Gainsl December
(Losses}
2025
Balance al 1
January
2025
Income Expenditure
Unrestricted funds
General Funds
Gain on sale of Grays property
Share capital
ReseNes
5.864.035
1.417.688 {1.319.070}
5.962,653
2,089,051
2,089,051
315.883
217.851
1196.8701
336,864
6,179,921
1,635,539 {1,515,9401
2,089,051
8,388,571
Restricted funds
Building fund
Welfare fund
7.039
2,394
1.332
10.078
(5,0961
(1,1001
(1.3321
110.0781
1,943
67,768
66,474
Food bank
Mission fund
Annual Workers Event
Contributions
3,256
(3,2561
66.474
24.099
120.8621
69,711
Total of funds
6.246.395
1.659.638 {1.536,8021
2.089,051
8,458,282
Building fund represents unexpended donations for building repairs and maintenance.
Welfare fund represents unexpended donations for welfare and relief of poverty.
Page 34

HOUSE OF PRAISE TRUST CIO
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
20. Statement of funds Icontinuedl
statement of funds prior year
Balance at
31
December
2024
Balance al
l January
2024
Income Expenditure
Unrestricted funds
General Funds
Share capital
Reserves
6,711,524
1,472,928 (1, 720,47 7J
5.864,035
315,883
315,883
6,427.410
1,472,928 (1, 720,417J
6. 179,921
Restricted funds
Missions fund
13,748
8, 783
350
(13, 748)
(8, 783)
(6, 150)
(1,254)
Building fund
Welfare fund
69,574
63,774
Food bank
1,254
2, 700
Seminar Registration
2,700
69,574
26,835
(29,935)
66,474
Total of funds
6,496,984
1,499, 763 (1, 750,352)
6,246,395
Welfare fund represents unexpended donations for welfare and relief of poverty.
Seminar Registration fund represents unexpended donations for seminar.
Page 35

HOUSE OF PRAISE TRUST CIO
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
21. Summary of funds
Summary of funds - current year
Balance at
31
Gainsl December
(Losses}
2025
Balance at 1
January
2025
Income Expenditure
General funds
Restricted funds
6,179,921
66,474
1.635,539 {1.515,940} 2,089,051
24.099
(20.8621
8,388,571
69,711
6.246.395
1.659,638 {1.536,802} 2,089,051
8,458,282
Summary of funds- prior year
Balance at
31
December
2024
Balance al
1 January
2024
Income Expenditure
General funds
6,427,410
69,574
1,472,928 (1, 720,417)
26,835
(29,935)
6,179,921
66,474
Restricted funds
6,496,984
1,499, 763 (1, 750,352)
6,246,395
22.
Analysis of net assets between funds
Analysis of net assets between funds - current year
Unrestricted Restricted
funds
funds
2025
2025
Total
funds
2025
Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
6,640,772
6.640,772
2,742,515
1994,7191
69,711
2,812,226
1994,7191
Total
8,388,571
69,711
8,458,282
Page 36

HOUSE OF PRAISE TRUST CIO
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
22. Analysis of net assets between funds (continued)
Analysis of net assets between funds - prior year
Unrestricted
funds
2024
Reslricled
funds
2024
Total
funds
2024
Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Creditors due in more than one year
7,058.457
7,058,457
1, 160,435
(958,943)
(1,080,037)
66,474
1,226,909
(958,943)
(1,080,031)
Total
6,179,921
66,474
6,246,395
23. Reconclllatlon of net movement In funds to net cash flow from operatlng actlvltles
Group
2025
Group
2024
Net incomelexpenditure for the year las per Statement of Financial
Activities)
122,836
(114,879)
Adlustments for..
Depreciation charges
Dividends, interests and rents from investments
Loss on the sale of fixed assets
Increase in debtors
Increase in creditors
166,576
177,599
1266,8751 (337,355)
7,040
1284,825)
15,230
{1.804,9891
41,149
Net cash used in operating activities
(1.741,3031 (483, 130)
Page 37

HOUSE OF PRAISE TRUST CIO
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Analysis of cash and cash equivalents
Group
2025
Group
2024
Cash in hand
Overdraft facility repayable on demand
280,954
(9,6471
500,626
(10,031)
Total cash and cash equlvalents
271,307
490,595
25. Analysis of changes in net debt
At1
January
2025 Cash flov
At31
December
2025
Cash al bank and in hand
Bank overdrafts repayable on demand
Debt due within 1 year
Debt due after 1 year
500,626
(10,0311
1513.1761
{1.080,031}
1219,6721
384
3,064
1.080,031
280,954
19,6471
1510,1121
11.102,612)
863,807
1238,8051
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HOUSE OF PRAISE TRUST CIO
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
26. Pension commitments
The charity operates a defined contribution pension scheme. The assets of the scheme are held
separately from those of the group in an independently administered fund. The pension cost charge
represents contributions payable by the group lo the fund and amounted lo £5,42412024 - £6,187).
27.
Operating lease commitments
At 31 December 2025 the Group and the Charity had commitments to make future minimum lease
payments under non-cancellable operating leases as follows-
Charity
2025
Charify
2024
Not later than 1 year
60,000
60,000
28.
Related party transactions
In addition, during the year the charitable company..
1. purchased project management & development service amounting lo £88,49412024 - £71,686) from
Eden Group Operations Ltd, a company under the control of Philemon Adeleke and Jennifer Adeleke
who are family members of Pastor Olayemi Adeleke, a trustee and Chief Executive Officer of the charity.,
and
2. paid Pastor Andrew Adeleke Isenior Pastor), who is the spouse of the Chief Executive Officer and
trustee (Pastor Olayemi Adelekel for use of his home as vicarage amounting lo £60,000 12024
£60,000}-
Page 39